Venture Capital Backing For GM Crop Development

31 January 2008

Perth-based biotechnology company, Nemgenix Pty Ltd, secures $500k investment from venture capital fund manager Stone Ridge Ventures (SRV), Western Australia’s leading technology venture capital firm. The investment is made from the Murdoch Westscheme Enterprise Partnership (MWEP) fund which supports projects arising from Murdoch University.

Nemgenix is currently undertaking a programme to develop GM wheat with work to commence on sugarcane and barley later this year.

Commenting on the investment, SRV stated, “we were impressed by the strength of the management team and their focussed business plan which is underpinned by world-class technology licensed from CSIRO”.

Dr Sean Hird, Nemgenix’s Chief Executive Officer, commented, “with climate change and a growing world population, there is now acceptance that GM crop development will play a pivotal role in increasing global food production. Nemgenix, as Western Australia’s only GM crop development company, is well placed to take advantage of this market opportunity.” 

Dr Sean Hird added “we are delighted with the investment, and the endorsement of SRV. With the $320k grant from the Federal Government’s Department of Education, Science and Technology (‘DEST’), announced last month, and with other funding lined-up, we are now financially secure for the next 2 years.